Wal-Mart, Carrefour and Tesco already operate in some capacity in India, mostly through wholesale joint ventures, but the proposed legislation would have allowed them more leeway to expand there and most commented as such at the time.

Alas it was not to be, but it is unlikely that too many man hours had gone into preparing expansion plans before any real details of the new regulations were formalised.

Of course, as Tesco said today “it’s a missed opportunity for Indian producers, farmers and consumers,” but no-one is likely out of pocket at this stage.

The key losers look to be local retailers looking for international investment.

Adidas’s new commercial, played against the backdrop of a throbbing electronic soundtrack, underlines the clothing brand’s achingly hip credentials.

Starring Lionel Messi, David Beckham and Katy Perry, it promises that you too could be like these global superstars—so long as you don their sports apparel.

The reality of course is much different. Non-cool people wear Adidas too, like teenagers—some of whom are not in the same physical prime as their glamorous pinups. But that’s fine, so long as consumers buy their sportswear from a location deemed worthy of the brand.

That no longer includes any retailer that attempts to sell Adidas gear anywhere near food. The sportswear giant is axing deliveries to that last bastion of banal suburbia—the supermarket.

I thought it would be interesting to compare what Archie Norman told me he wanted in a new CEO for ITV with what he’s got in Adam Crozier.

This morning ITV said in a statement that it is “pleased to announce the appointment of Adam Crozier” as Chief Executive. You can read our coverage here.

Crozier, who is currently Chief Executive of Royal Mail Group, will take up his role later this year. And a few people are already asking, incredulously: the boss of the strike-afflicted Royal Mail Group is going to run ITV?

Well his experience is in line with Norman’s thinking, in that Norman said the new chief “does not have to be a dyed-in-the-wool broadcaster”.

Not only does Crozier have no experience in broadcasting, many of his current customers are likely standing in mile-long queues right now and will be thinking he’s done a pretty mediocre job at Royal Mail.

Over the next few weeks, big-name retailers such as Marks and Spencer, Tesco and Next, will reveal whether their tills were jangling over the crucial Christmas period.

There are reasons to be cheerful, such as Christmas Day falling on a Friday, which will have been good for late trading. But the snow will have stretched logistics teams to the limit, particularly for internet-based operators.

Shore Capital analysts expect most of the food retailers to be reporting satisfactory, “if not stellar”, trading performances. The broker reckons Wal-Mart-owned Asda will report a “solid” Christmas, with the same expected from Tesco and Sainsbury’s.

As far as the UK supermarkets go, Shore analysts forecast that Morrisons will top the charts from a like-for-like sales basis – which strips out sales from newly opened stores. “This reflects its strong momentum entering into the festive period, and we also felt that Morrison was in very good shape post Christmas in terms of store standards and availability,” the broker says.

This week, all eyes will be on M&S, which posts its trading statement on Thursday. Sales over the last 13 weeks are expected to rise by a modest 1.2%, according to analysts. Then Sainsbury’s reports on Friday, alongside many of the US’s top retailers – key for measuring the recovery of the US economy.

Shore analysts go on to note that, while the weather will have put a strain on retailers, it is unlikely to have caused major cost over-runs or store shortages. “However, we are alive to the possibility of disruption costs, so we keep that in our minds ahead of the statements. It is not unreasonable to suspect that the weather disruption assisted local and independent stores, which may have given a shot in the arm to Booker’s trading,” they say.

According to early reports British Airways is edging closer to a merger deal with Iberia – news which should send the beleaguered airline’s shares flying today.

Traders are expecting BA shares to rally by 2%.

Generally, though, shares in London are expected to lose some ground at the open following Wall Street’s late sell-off with investors switching into government bonds, oil and gold.

Ahead of the open, BGC Partners is calling the FTSE down 10 points at 5257.

Despite this, equities are retaining their strength. Earnings news from BT and Centrica will be closely watched. Though early feedback from the trading floors indicates disappointment with BT’s half-yearly results. One trader reckoned the market would wipe 3p off the shares today given the group’s concerns that that the recession is far from over.

The best chief executive Ian Livingston could say was: ““We have had another quarter of progress but there remains a lot more to do.” But perhaps that’s what you’d expect from a down-to-earth Scot.

Meanwhile, Centrica, the owner of British Gas, said it was per forming in line with market expectations. [Read the statement.]

This is hardly market moving stuff.

So today could well be a day of consolidation. “We have had a cracking rally,” said David Buik of BGC Partners. He believes the key event today could well turn out to be US retailer Wal-Mart’s third quarter results, which will drive the US markets and inevitably have a knock-on effect in London.

Stocks to watch include the oil companies, with Brent North Sea crude for December delivery up 31 cents to $78.26.

And the miners will get direction from the price of gold, which is heading higher yet again.

Spot gold is $4.50 higher from the New York close at $1,121.30 after hitting a new record high earlier in the Asian day at $1,121.72 per troy ounce.